11, August 2016

SP500 (a 4-hour chart)

 SP500 (a 4-hour chart)

General overview

S&P500 moved from record highs as weak oil weighs on the quotes.

Current situation

The index dropped back below the 2180 mark. The price decreased and is approaching the support at 2165. The resistance is seen at 2180, the support is at 2165.

MACD is still positive. MACD grew which indicates the sellers’ positions weakening. RSI left the overbought area and is advancing south.

The moving averages slightly changed from yesterday.

Trading recommendations

The price is approaching the support 2165 where the 50 and 100 EMAs lie. This loss of the 2165 level is now pointing to a further period of downside to come.